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CBAK Energy Acquires 81.56% Stake In Zhejiang Meidu Hitrans For ~$24.50M

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CBAK Energy Acquires 81.56% Stake In Zhejiang Meidu Hitrans For ~$24.50M
  • CBAK Energy Technology Inc (NASDAQ: CBAT) subsidiary Dalian CBAK Power Battery Co., Ltd. will acquire a majority stake in Zhejiang Meidu Hitrans Lithium Battery Technology Co., a lithium-ion battery material supplier in China.
  • CBAK Power would acquire 81.56% of the equity interests of Hitrans currently held by Zhejiang Meidu Graphene Technology Co. and Hitrans management shareholders for ~RMB158.74 million (~$24.50 million). 
  • The transaction will help CBAK Energy strengthen its supply chain and competitiveness in the high-power lithium battery market.
  • The transaction is expected to complete in 3Q of 2021.
  • CBAK Energy had Cash and cash equivalents of $11.7 million as of December 31, 2020.
  • Price action: CBAT shares are trading lower by 5.70% at $3.66 on the last check Monday.
 

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